BumaStemra has a Management Board, a Supervisory Board and a Council of Members. Each year, they provide accountability to the General Members’ Meeting. BumaStemra has followed this Supervisory Board model since mid-2018, in line with the Governance Code Culture 2016 and the CMO Governance Code 2021 from VOI©E, the industry association of collective management organisations.
General Members’ Meeting (GMM).
The General Members’ Meeting is the highest body at BumaStemra. All BumaStemra members and affiliates are welcome to attend the GMM and discuss their wishes or concerns. GMM members are also called rightsholders.
What is the General Members’ Meeting?
The GMM meets every year. The General Member’s Meeting appoints and dismisses directors, approves the annual accounts and decides on amendments to the articles of association. The Management Board and the Supervisory Board are accountable to the General Members’ Meeting. The General Members’ Meeting may delegate some of its powers to the Council of Members. You can read about these agreements in the mandate of powers.
The Supervisory Board oversees the policies of the Management Board and the general affairs of the organisation. It also advises the Management Board in a professional and independent manner. The Supervisory Board consists of three independent members (a chair with legal expertise and two members with financial or IT expertise) and six non-independent members (rightsholders, comprising four writers and two publishers).
The Supervisory Board makes important decisions and approves BumaStemra’s policy plan and budget. In addition, it supervises:
- Decision-making within the management meeting
- Achieving the objectives
- The strategy and key risks
- The results of assessments of internal risk management and control systems
- Compliance with laws and regulations
- Preparation of financial statements and annual budget
In addition, the Supervisory Board may set up committees, such as the audit committee and the remuneration committee. The Audit Committee oversees the administrative organisation and ensures the smooth functioning of processes and systems, and the Remuneration Committee is responsible for the Management Board’s employer’s role and remuneration policy.
Council of Members
The Council of Members consists of 12 people. They advise the Management Board and the Supervisory Board. They also prepare the items for discussion at the General Members’ Meeting.
The Management Board is responsible for the smooth running of the organisation. This includes the general day-to-day management, operation and the results of the organisation. The Management Board consists of a chief executive officer (CEO) and a chief financial officer (CFO). They are appointed by the General Members’ Meeting and are accountable to the GMM and the Supervisory Board. The Management Board follows the collegial model for decision-making and strives for consensus.